China’s shipbuilding remained robust in 2024, and is likely to maintain strong growth momentum in 2025, which would benefit the steel plate market. However, the plate market is set to face continued pressure this year due to growing capacity, industry sources told S&P Global Commodity Insights. China’s shipbuilding completions reached 48.18 million dead weight tonnage in 2024, up 13.8% on the year, accelerating from 11.8% year-on-year growth in 2023, the latest data from the country’s Ministry of Industry and Information Technology showed Jan. 16. Meanwhile, new shipbuilding orders received in ...

South Korea’s top three shipbuilders are expected to report collective annual profits for 2024, marking the first time in 13 years that the trio—HD Korea Shipbuilding & Offshore Engineering, Hanwha Ocean, and Samsung Heavy Industries—have all turned a profit. The achievement comes amid a “super cycle” in the global shipbuilding industry, fueled by high-value vessel orders, rising ship prices, and favorable exchange rates. Record-Setting Performances HD Korea Shipbuilding, a subsidiary of HD Hyundai, is projected to post a 407.9% surge in operating profit, reaching 1.43 trillion won ($1.1 billion), with ...

High-ranking delegates from Korean shipbuilder Hanwha Ocean met with Indian shipbuilding authorities, raising expectations of potential collaboration to boost India’s shipbuilding industry. India’s Ministry of Ports, Shipping and Waterways announced Wednesday on social media that Hanwha’s delegation led by Senior Vice President Lee Jin-su visited the ministry’s Secretary Shri T.K. Ramachandran to discuss opportunities for strengthening partnerships between the company and Indian shipyards. The meeting came after the Korean delegation visited Hindustan Shipyard, a state-run shipbuilding company in Andhra Pradesh, eastern India, earlier this week. A Hanwha official said the ...

The ‘new ship price index’ from Clarkson Research, a British shipbuilding and shipping market analysis firm that indexes the price of newly constructed vessels, is stalling. This is interpreted to mean that the ship new building price has risen as much as it can. Consequently, the recent rise in stock prices for shipbuilders has raised the possibility of a ‘peak out’ scenario. However, considering the exchange rate of the Korean won against the U.S. dollar, evaluations suggest that the domestic shipbuilding industry’s revenue has improved. According to the financial investment ...

The U.S. Trade Representative’s office said it has found China’s targeted dominance of the global shipbuilding, maritime and logistics sectors is “unreasonable” and is “actionable” under U.S. trade law. The findings of a USTR probe, first reported by Reuters on Tuesday, did not include a specific recommendation of penalties against Beijing, leaving next steps up to President-elect Donald Trump, who takes office on Monday. USTR said its report “supports a determination that China’s targeting of the maritime, logistics, and shipbuilding sectors for dominance is unreasonable and burdens or restricts U.S. ...

HD Hyundai Samho, a subsidiary of HD Hyundai’s shipbuilding division, has reported a remarkable operating profit of 723.6 billion won for the last year, more than doubling the previous year’s 301.7 billion won. This significant financial achievement was announced by HD Korea Shipbuilding & Offshore Engineering on Jan. 16 through a disclosure. The announcement highlighted a 139.8% increase in operating profit compared to the previous year. The company’s sales also saw a substantial rise, amounting to 7.031 trillion won, a 17.5% increase from the previous year’s 5.9587 trillion won. With ...

The exchange rate of the Korean won against the U.S. dollar is soaring in the 1400 won range, leading major shipbuilders to forecast operating profits that exceed expectations in the fourth quarter of last year (October-December). If the won exchange rate rises (the value of the won decreases) from the time of order to the time of delivery for a shipbuilding contract, they can gain foreign exchange profits. According to the shipbuilding industry and the Bank of Korea on the 17th, the average exchange rate of the won against the ...

On 16th January, Damen Shipyards Galati cut steel on the third vessel in an order of four Island Class Ferries from Canada’s BC Ferries. At the same time, another vessel in the series reached the grand block assembly stage of construction at the yard. The vessels, based on Damen’s double-ended 8117 E3 Ferry, will be the first fully electric ferries to sail in the organisation’s fleet. They will bring the total number of Damen vessels operated by BC Ferries to ten. Enabling sustainable ambitions BC Ferries’ fully electric vessels are ...

China’s three major shipbuilding indicators all showed positive trends in 2024, data from China’s Ministry of Industry and Information Technology (MIIT) revealed on Thursday, marking the 15th consecutive year China has led these indicators globally, said state broadcaster CCTV. China’s shipbuilding completion volume from January to December 2024 accounted for 55.7 percent of the global total, meaning over half of the ships delivered globally in 2024 were built in China. New orders and orders on hand of China’s shipbuilding industry recorded at 74.1 percent and 63.1 percent of global volume, ...

On Tuesday, JPMorgan increased the price target on Hyundai Heavy Industries (KS:) (329180:KS), a major player in the shipbuilding industry, to KRW 370,000 from the previous KRW 260,000, while maintaining an Overweight rating on the company’s shares. In the past 12 months, Hyundai Heavy Industries has notably outperformed the Korea Composite Stock Price Index (), with its share price soaring by 160%, compared to the KOSPI’s slight decline of 1%. The analyst attributed this impressive performance to a combination of factors, including robust orders for commercial vessels and a positive ...

Vice Minister Kim Min-seok of the Ministry of Employment and Labor met with representatives of the five major shipbuilders on the 15th and urged them to reduce serious workplace accidents. Last year, 20 fatalities occurred in accidents at these shipyards. The Ministry of Employment and Labor announced that it held a meeting in the afternoon at the Royal Hotel Seoul, attended by the CEOs and safety officers of the five major shipbuilders. The five major shipbuilders are HD Hyundai Heavy Industries, Hanwha Ocean, Samsung Heavy Industries, HD Hyundai Samho, and ...

Baku Shipyard is currently working on the construction of a Damen Cutter Suction Dredger (CSD) 650. The design of the dredger and its materials package have been delivered by Damen Shipyards Group. The dredger, which will be ready later this year, will be operated by the Port of Baku, a thriving transport hub on the western shore of the Caspian Sea. While Baku Shipyard has built a wide array of vessels over time, this is the first cutter suction dredger to be built in Azerbaijan. All steel work is being ...

GTT announces that it has received, in the first quarter of 2025, an order from its partner the Chinese shipyard Hudong-Zhonghua (Group) Co. Ltd. for the tank design of six new very large Liquefied Natural Gas (LNG) carriers. These six LNG carriers will each feature a total capacity of 271,000 m³ and will be fitted with GTT’s NO96 Super+ membrane containment system. Deliveries of the vessels are scheduled for the second quarter of 2028, the second and third quarters of 2029, the first and third quarters of 2031. Source: GTT

HD Hyundai accelerates hydrogen commercialization by successfully developing liquefied hydrogen (LH₂) storage tanks for ships and a vacuum insulation system. HD Korea Shipbuilding & Offshore Engineering (HD KSOE), a shipbuilding intermediate holding company of HD Hyundai, announced on the 13th that it had obtained Approval in Principle (AiP) for its vacuum insulation system for LH₂ storage tanks from four major classification societies: Lloyd’s Register (LR), the American Bureau of Shipping (ABS), Det Norske Veritas (DNV), and the Korean Register (KR). Last month, the company also received approval for its LH₂ storage tank welding procedure ...

Stralsunder Ostseestaal GmbH & Co. KG has been commissioned by Hafenprojektgesellschaft Helgoland mbH with the development and construction of an all-electric ferry. The so-called dune ferry will connect the German North Sea island of Heligoland with the neighbouring island of Dune. It will replace the ‘Witte Kliff’ ferry, which has been operating on the approximately one kilometre-long route since 1997 and is powered by conventional marine fuel. The new electric-solar ferry will be 15.2 metres long and 5.6 metres wide and offer space for 95 passengers. The new zero-emission and ...